During my high school years, I had a checking out which like most of my friends, I abused as well as all the credit cards I managed to get my hands on. My parents ended up paying off my cards but I think there's still some checks that were unpaid and were probably sent to a collection agency. It was so long ago that I lost track of who I still owed. Ultimately, what's the worst that could happen if you fail to send a payment? I know credit cards will eventually just "charge off" your account or something which will then go to a collection agency. Will the agency sue me or can I go to jail for it? It's not that I don't want to pay them, I just don't know who I still owe. Would my credit report list every debt I still have?
2007-06-09 02:57:51 · 7 answers · asked by Baba82 1 in Business & Finance ➔ Credit
Your credit report would be damaged. Credit cards just don't charge off - they pass on the debt to the collection agency who in turn charges you. It is bad news all the way around - especially since employers are now checking credit reports. Get the free copies of your credit report that are offered to you by the government. You need to have the cleanest credit possible.
2007-06-09 03:01:35 · answer #1 · answered by RCJ 4 · 1⤊ 0⤋
My son just went through this this past year. He thought that because he had unsecured credit cards, that the companies would just charge them off and he'd be in the clear. What happened is that he eventually owned a home and the collection agencies found that out and put liens on his home. In other words, he was unable to sell his house without first making good on the money he owed from years ago. The other thing that was possibly going to happen was that they were trying to garnish his wages at his job. He would have lost his job if that had happened. Unfortunately, my husband and I got copies of his credit report - there are three of them - and we paid them all off. Of course we're in debt now because of his irresponsibility. Don't do that to your parents. Get copies of your credit report and tackle your debts. Don't allow them to come back to bite you later on. If you want to know more about all this, contact a lawyer and they'll explain the process to you.
2007-06-09 03:05:48 · answer #2 · answered by cynthiajean222 6 · 1⤊ 0⤋
Well anyone can sue anybody. Collection agencies can file for a judgment against you for the debt PLUS any associated court costs, interest, etc. and then if you have no money to pay can either put a lien against you or perhaps even garnish your wages.
Most do just write it off, I think it depends on the dollar amount and their own internal policy if it is worth their time and money to pursue a settlement through the court system.
Small amount you should be fine. Morally, its your call.
2007-06-09 03:03:04 · answer #3 · answered by Iknowthis! 3 · 0⤊ 0⤋
The collection agency doesn't take you to court, the lender who you borrowed money does because you sign an agreement and you broke it. What happens is the lender tries to contact you on your past dues, they cant reach you, pass your account to a collection agency, either they collect the debt or dont, if they dont your account can be send to another collection, or the lender can take legal action against you which they may take you to court and wont be able to do payment arrangements that collections agency allow to do even though the account is due in full.
2014-02-20 07:51:17 · answer #4 · answered by Brenda 2 · 0⤊ 0⤋
Your salary will be garnished, which means a court order will be sent to where you work to withhold a percentage of your earnings that will be sent off to whoever you owe money to. Also, you will be hit with court costs, interest and tons of other fees that will be added on to what you owe. If you quit your job, you will be found again and regarnished because whenever you apply for a job, your Social Security number is reported and used by credit collectors to find you
2007-06-09 03:14:30 · answer #5 · answered by xg6 7 · 0⤊ 0⤋
i replaced into in an identical challenge 6 years in the past and that i basically stopped paying and it replaced into the suitable determination I ever made. on the start, they're going to call you consistently. I had to alter my telephone selection because of the fact of it. inspite of the optimum of psychological fortitudes, a team call is an incredibly emotionally not person-friendly journey to take. I did my suitable to avert them, yet finally they arise with you and no count how plenty you maintain on at the same time with your weapons, the threats and emotinal torment they positioned you thru is basically too plenty to endure. So, substitute your telephone selection and subject solved. they're going to deliver you all varieties of threatenning letters. forget approximately them. they are bluffing. they are relatively very constrained on what they are able to do. So, what can they do? they are able to seek for a judgement against you in small claims or in court docket (if its extra suitable than $5,000), yet that doesn't recommend plenty. and that they gained't do it till they comprehend the place you're working or have the education on some thing you own they are able to place a lien against alongside with a motor vehicle or a house. residing with unfavourable credit isn't any such undesirable difficulty. Its relatively an incredibly sturdy difficulty. It facilitates you be disciplined and that in the time of turn saves you a ton of earnings interest. After 7 years, the undesirable expenses drop off your credit document. the main important hassles are paying for a motor vehicle and renting an place of residing. yet you may in case you have pals and kinfolk keen to assist each now and then, you may get with the aid of them relatively. i'm relatively doing incredibly nicely financially at the instant, yet there is not any way i'm paying those credit taking part in cards lower back. They roped me in at 18 years previous with the aid of giving freely marijuana-themed t-shirts at my college campus. they don't deserve a penny from me. and that i'm on no account going to be in debt lower back, not even to purchase a house. i'm paying funds till the day I die.
2016-11-09 21:53:40 · answer #6 · answered by ? 4 · 0⤊ 0⤋
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I was able to get to 595 from 489 in just one day and from 489 to 748 in just a few week; that's pretty fast in my book. Good luck!
2014-09-11 23:26:30 · answer #7 · answered by BRAHNEY 1 · 0⤊ 0⤋